Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office arranges $12 million refinance of multifamily property in Boise, Idaho

SAN DIEGO (April 10, 2018) – Steve Hollister, senior vice president at NorthMarq Capital’s San Diego regional office, negotiated the $12 million refinance of a 140-unit multifamily property located in Boise, Idaho. The transaction was structured with a 15-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

“The interest rate was locked in August 2017 when the asset was under construction and 50 percent leased,” explained Hollister. “The lender provided 9 months from rate lock to funding to allow for completion of construction and stabilization, enabling the borrower to mitigate interest rate risk. The 65 percent LTV, 15/30 loan was priced at 165 bps over the 15-year US Treasury.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.